|Day's Range||1,295.5 - 1,307.901|
|52 Week Range||1,295.4995 - 1,307.9008|
Gold markets rallied again during the week, but quite frankly have underperformed later in the week. At this point, there is a bit of a shooting star for the week, and this suggests that perhaps a little bit of a pullback is coming. This however doesn’t mean that I’m looking to sell gold.
Gold markets pulled back slightly during the trading session on Friday as perhaps a bit of profit taking has come into the marketplace. Ultimately, the market is still bullish though, so I think it’s only a matter time before we rally.
XAU/USD is ready to close positive for the third week in a row. Gold is posting 1.02% gains on the last five days, but the movements are more on a sideways mode above the 1,500 area and contained by the 1,530.
Investing.com -- U.S. stock futures were set to claw back more of their midweek losses on Friday, as the absence of fresh geopolitical shocks allowed the market to build on gains that began on Thursday with a batch of generally positive U.S. economic data.
Investing.com - Wall Street clawed back more of their midweek losses on Friday in the absence of fresh geopolitical shocks, but were still on course for a third straight weekly loss against the backdrop of a slowing global economy.
The S&P500; stabilised on Thursday, finishing the session up 0.2%. Better-than-expected US data (retail sales, Empire State, and Philly fed) probably helped sentiment in US stock markets, though it seems to have been largely ignored by the bond market. Bond markets continue to scream at the Fed supported by President Trump who continues to muscle Powell lower ” we don’t care about the data if you don’t cut rates you are making a huge policy mistake” ahead of the annual central bank soiree in Jackson Hole Wyoming. From a risk sentiment perspective, the Fed has no other option than to comply with the market’s pricing for fear of a total risk meltdown.
Investing.com - Gold prices dropped on Friday, giving back a small portion of August’s gains, as sovereign debt yields pulled away from historic lows and signs of economic stimulus boosted risk sentiment.
Investing.com - Gold prices were little changed on Friday in Asia as stock markets recovered, although trade concerns remained.
Shortly before the close, yields are falling, risky assets are trading in two directions and the dollar is firm. This is helping to underpin gold, but at the same time hold it inside Tuesday’s wide range.
Gold prices moved higher closing at a fresh 6-year high, despite falling US yields. The 30-year US yield settled at an all-time low. China said that it would retaliate if the US levied additional tariffs on September 1, which helped whipsaw gold prices. It appears that only President Trump and advisor Peter Navarro believe that the volatility in the market is because of the Fed and not because of the US-China trade war.
Gold markets went back and forth during the trading session on Thursday as we continue to hover at high levels. The $1500 level underneath should offer support, as it was significant resistance previously. At this point, the market looks likely to continue to go higher.
The yield curve inversion just got more pronounced. Not only the spread between 10-year and 3-month Treasuries but now also the spread between 10-year and 2-year turned negative. That sends a warning signal about the state of the real economy.
Technical conditions are losing bullish steam, so more consolidation in the XAU/USD is expected. In any case, the market is entirely focused on fundamental factors and concern about the health of the economy is what is moving the assets.
The world markets failed to maintain a positive attitude. The U.S. indices lost more than 3% on Wednesday. At the same time, the debt markets did not bounce back with the stocks on the news of the tariff delay.
Investing.com - Gold edged lower in volatile trade on Thursday as trade tensions eased slightly, but remained within striking distance of Tuesday’s six-year peak on still-elevated levels of safe-haven demand.
Based on the early price action and the current price at $1528.70, the direction of the December Comex gold futures contract into the close is likely to be determined by trader reaction to a pair of uptrending Gann angles at $1522.60 and $1520.40.
Investing.com - Stocks plunged Wednesday after a key economic signal warned that the slowing global economy may produce a recession and both Germany and China showed more signs of slowing growth.
Gold markets have been bullish for some time now, but over the last several days we have seen more of a grind. I think this is simply the market that is trying to be okay with the idea of leaving the $1500 level behind it.
Investing.com – Wall Street slumped on Wednesday after the yield curve on the 2-year and 10-year Treasury note briefly inverted for the first time since 2007, increasing fears of a recession.